U.S. stocks advanced on Friday. The Dow Jones Industrial Average gained 0.26% to 25,447 and the S&P 500 index rose 0.10% to 2,770. The Nasdaq Composite Index slid 0.33% to 7,457.
Shares of Skechers U.S.A. Inc. (SKX, Financial) climbed more than 13% on Friday morning after the company posted third-quarter earnings of 58 cents per share on $1.18 billion in revenue, reflecting 8.3% year-over-year growth. The company beat earnings estimates by 6 cents, but fell $40 million short of revenue expectations.
Sales grew 7.5% as a result of increases in the company’s international wholesale business and global retail business. Sales in the domestic wholesale business, however, declined 3%.
Gross margins rose due to higher domestic margins from improved retail pricing and product mix.
Moreover, the company repurchased approximately 1.4 million shares of its Class A common stock for $40 million during the quarter.
Looking ahead to the fourth quarter, the company expects revenue in the range of $1.100 billion to $1.125 billion and diluted earnings per share of 20 cents to 25 cents.
Gainers
- Procter & Gamble Co. (PG, Financial)
- CenturyLink Inc. (CTL, Financial)
- Dentsply Sirona Inc. (XRAY, Financial)
- Kraft Heinz Co. (KHC, Financial)
- Campbell Soup Co. (CPB, Financial)
Losers
- eBay Inc. (EBAY, Financial)
- VF Corp. (VFC, Financial)
- Valero Energy Corp. (VLO, Financial)
- Advanced Micro Devices Inc. (AMD, Financial)
- Marathon Petroleum Corp.”‹ (MPC, Financial)
Global markets
In Europe, the U.K.'s FTSE 100 gained 0.32%, France's CAC 40 lost 0.63%, Germany's Dax slid 0.31% and Spain's IBEX 35 rose 0.03%.
In Asia, Japan's Nikkei 225 fell 0.56%, India’s BSE Sensex lost 1.33%, Hong Kong's Hang Seng advanced 0.42% and China's Shanghai Composite jumped 2.58%.
Disclosure: The author holds no positions in any stocks mentioned.
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